Property in Cyprus is arguably among some of the most beautiful in the Mediterranean area and continues to be highly sought after by investors as well as those looking to purchase a holiday home for themselves. Obviously the closer to the coast the better, but such locations will be very expensive in many areas. This is probably why a Cyprus beach apartment is one of the most desirable real estate options for many vacation home buyers. Despite rapidly rising prices and the introduction of value added tax, there are still some bargains on beach apartments in Cyprus if you know where to look.
Buyers of beach apartments in Cyprus have traditionally focused their attention on the main tourist areas such as Paphos, Protaras and Limassol, with only the most adventurous Cyprus property seekers venturing further afield. However, all that is changing because as the price of tourist properties rises, larger developers are investing in large-scale developments further afield. Not only the construction of apartment complexes or villas on the beach in Cyprus, but also large-scale developments that include shops, bars and restaurants. In fact, they are putting infrastructure where none existed before to support the developments themselves.
With Cyprus’ modern coastal motorway system linking all the major resorts, buyers of these beach apartments will never be more than a short drive from all the amenities they need while enjoying the benefits of from a rural location. The great news about this trend is the price! Properties located in these outlying towns and suburbs can be 40-50% cheaper than a comparable house in a tourist area, making the Cyprus beach apartment an affordable reality for the buyer on a smaller budget. . It’s hard to predict how long this state of affairs will continue, but most will agree that it’s only a matter of time before the “domino” effect catches up and prices in these places rise as well.
So if you are thinking of buying a Cyprus beach apartment or any residential property in Cyprus, maybe now is a good time to make your move. It is rare, if ever, for property to go down in value, so waiting for the market to “explode” is not the best option unless you are very lucky. Holiday apartments and villas are becoming big business not only for developers but also in terms of holiday rentals. Tourists are changing their habits from the old package tour system to “build-your-own” packages where they organize flights and accommodation needs separately, including renting villas or apartments in Cyprus. This change in behavior is great news if you own a Cyprus beach apartment and want to rent it out for a few weeks a year.
How many times have you seen a property sell for double or triple what it cost the seller a few years from now and thought, I wish I had brought one myself back then? The bottom line is that history has taught us that general property prices and inflation continue to rise year after year. A beach apartment in Cyprus that rents today for 600 cyp a week could be renting for double that amount in five or six years! Even people who took a risk and borrowed against their other assets have emerged victorious at the end of the day. Owning two properties, one in the UK and one in the sun, is becoming a reality for more and more people who have taken the risk of owning it. So all the astute buyer has to do is sit in the sun, watch his investment grow and enjoy years of carefree vacations in his own Cyprus beach apartment.
